I have written before about Money to Get Money, complaining about how extricating your money from your child’s RESP is an overly complex process, but let me step back and explain the importance of the Proof of Enrolment that most financial institutions need to allow you to withdraw money from the RESP account. Different schools have different ways of giving you a proof of enrolment , some charge you for it (about $10) some give you a PDF for free (Acadia U did that).

How Much Will You Need for her to get to school Image courtesy of jk1991 at FreeDigitalPhotos.net

The problem you have is that most schools will not give you the Proof of Enrolment, until you pay the fees, so you can’t have money from your RESP, until you have already paid for your fees. This means, you most likely, will need a line of credit (or a savings account) with the amount of your fees available to you (seems a little backwards, needing enough money to pay for your fees, so that you can get out enough money from a savings program to pay your fees).

You can also use the Proof of Enrolment in other ways: you can use it for Positive Enrolment for your insurance provider (Manulife likes it). Most insurance providers want you to do a Positive Enrolment action by either going on line, or supplying proof that your child over the age of 18, is at school (and can remain covered by your insurance policy).